When you begin using BIG4books.com, you will likely have an existing business
financial condition such as cash in checking accounts, accounts payables, accounts receivables, and retained
earnings. After setting up your accounts as described in 'Setup Chart of Accounts', you will want to
provide initial values to the accounts. You can do so using the 'General Ledger, Add Transaction' menu item.
Your account values are entered in the 'Add General Ledger Transaction' screen. An example is shown below.
Since debits must always equal credits, we enter amounts that offset in total. If you have a valid balance
sheet, the sum of the accounts with debit balances will equal that of the accounts with credit balances. So we
can initialize all the balance sheet accounts with a transaction similar to that shown below: |
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